You were recently informed that the IRS plans to perform an audit. On You. Yep, you. This hasn't happened to you before. You're nervous, you don't know what to think, what to expect, or who to call. Should you call someone? What should you do?
Never panic before getting audited, just take some time to get ready. How should you get ready? Well there are several ways to survive an IRS audit. You should start by getting all of your tax documents, wage statements and financial reports together. You have to show the IRS that all of your income has been reported.
You won't be able to prove this if you are unable to show all of the check slips, payment statements and other evidence of your earnings. You will additionally need to prove that you are actually qualified for each of the deductions or exemptions that you've claimed. Organize all of the documents that were used as part of the filing process so that no questions remain unanswered.
IF you have spoken with a financial planner, advisor or accountant, reach out to these individuals right away. Talk about the audit and make sure that you're given every one of the documents that were used for your federal and state tax returns.
If it will take more time to accumulate all of the documentation you need, consider asking for an extension or try delaying the audit. Do not try to rush your way through these efforts and be sure to get all of the evidence you need for supporting your tax claims.
Don't expect too much. You should probably lower your expectations a bit. If you're audited, you likely will have to pay an additional amount of taxes. Rarely, you can escape an audit without having to do so, but you likely will. Your goal should be to avoid paying too much. If you're organized, prepared, and straightforward, you will come out of your audit without too much harm or stress.
Never panic before getting audited, just take some time to get ready. How should you get ready? Well there are several ways to survive an IRS audit. You should start by getting all of your tax documents, wage statements and financial reports together. You have to show the IRS that all of your income has been reported.
You won't be able to prove this if you are unable to show all of the check slips, payment statements and other evidence of your earnings. You will additionally need to prove that you are actually qualified for each of the deductions or exemptions that you've claimed. Organize all of the documents that were used as part of the filing process so that no questions remain unanswered.
IF you have spoken with a financial planner, advisor or accountant, reach out to these individuals right away. Talk about the audit and make sure that you're given every one of the documents that were used for your federal and state tax returns.
If it will take more time to accumulate all of the documentation you need, consider asking for an extension or try delaying the audit. Do not try to rush your way through these efforts and be sure to get all of the evidence you need for supporting your tax claims.
Don't expect too much. You should probably lower your expectations a bit. If you're audited, you likely will have to pay an additional amount of taxes. Rarely, you can escape an audit without having to do so, but you likely will. Your goal should be to avoid paying too much. If you're organized, prepared, and straightforward, you will come out of your audit without too much harm or stress.
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